EBRD acquires stake in Romania’s Black Sea Oil & Gas

The European Bank for Reconstruction and Development (EBRD) said on Wednesday it has acquired an equity stake in Romania’s Black Sea Oil & Gas (BSOG), seenews.com reads.

In August, the EBRD said it is considering a $23.4 million (19.9 million euro) equity investment in BSOG. “With this landmark equity transaction, our intention is to support the development of this private upstream oil and gas company in Romania," Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, said in a statement.

“We are also committed to providing assistance to Romania in further improving the country’s legal and regulatory framework for offshore oil and gas operations and building regulatory capacity for the whole industry.”

Backed by the global alternative asset manager Carlyle Group, BSOG’s current portfolio consists of the XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest, the EBRD said.

According to the statement, BSOG is looking to develop its existing discoveries through the Midia Gas Development (MGD) project, undertake further activities in the Black Sea and pursue further opportunities in Romania as well as in the region.

The MGD will consist of five offshore production wells, a subsea gas-production system, an offshore production platform, a 126 km offshore and onshore gas-transmission pipeline and an onshore gas-treatment plant, the lender said.